Collinson FX Market Commentary- June 18,2013 - Bulls emerge refreshed
by Collinson FX on 18 Jun 2013
Collinson FX market Commentary: June 18, 2013
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Race Officer - 2013 Auckland Cup, Day 2 Richard Gladwell www.photosport.co.nz
Markets were controlled by speculation of the Fed's actions arising from the FOMC meeting this week. A report from the Financial Times suggested Bernanke would announce a tapering of the $85 Billion QE infinity Policy this meeting. This cut the big gains being booked on global equity markets.
Status Quo was the expectation prior to this report and markets had been surging strongly. The article pared gains as speculation is overwhelming market fundamentals. The USD regained some momentum with the EUR back to 1.3360 and the GBP to 1.5715. In the US, the Empire State Manufacturing reported gains and gave a positive outlook for Manufacturing in the zone. This complimented a rise in the NAHB Home Price Index.
The Bulls have come out refreshed but this all relies on Ben Bernanke. Commodity demand fell and prices reacted accordingly, which pushed demand for the associated currencies lower. The KIWI fell back below 0.8000 as the USD regained some ground despite local Consumer Confidence rising. The AUD fell back to 0.9550 with momentum flagging and local news of stalling new vehicle sales.
Political turmoil is rife as Parliamentarians return to the Capital for their final sitting before the election. The political instability can not be helping the Australian market which is being reflected in the currency. Market determinations will revolve around the Fed and their announced decision.
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